Ripple Price Technical Analysis – XRP/USD Attempting Downside Break

Key Highlights

• Ripple price is struggling to hold the bullish bias above $0.2000 against the US Dollar.
• The XRP/USD pair recently made an attempt to break this week’s pointed bullish trend line with current support at $0.2030 on the hourly chart (data source from Kraken).
• The price might break the $0.2000 support in the near term before bouncing again.

Ripple price is struggling to gain pace against the US Dollar and Bitcoin. XRP/USD might correct lower towards $0.1950 before moving back up.

Ripple Price Correction Possible

It seems like Ripple price is not able to gain upside momentum above $0.2100 against the US Dollar. The price recently declined and broke the $0.2000 level before recovering. However, during the downside move, the price cracked the 100 hourly simple moving average at $0.2010. It is currently back above the 100 hourly SMA, but lacking pace and might break $0.2000 once again.

Moreover, the XRP/USD pair also made an attempt to clear this week’s pointed bullish trend line with current support at $0.2030 on the hourly chart. At the moment, the pair is just above the trend line support at $0.2030 and the 100 hourly SMA. Once there is a break and close below $0.2000, there can be a downside push towards $0.1950. An immediate support sits around the 50% Fib retracement level of the last wave from the $0.1880 low to $0.2093 high.

The most important support is near $0.1950 and the 61.8% Fib retracement level of the last wave from the $0.1880 low to $0.2093 high. On the upside, buyers need to gain momentum above $0.2100 to push the price towards $0.2250.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.

Major Support Level – $0.2000

Major Resistance Level – $0.2100

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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